Good afternoon, and welcome to Copperleaf's First Quarter 2024 Results Conference Call. At this time, all lines are on listen-only mode. Following the call, we'll conduct a question and answer session. If at any time during this call you require immediate assistance, please press Star zero for the operator. This call is being recorded on Thursday, May 9, 2024. Your hosts today are Paul Sakrzewski, Chief Executive Officer of Copperleaf, and Chris Allen, the company's Chief Financial Officer and Chief Operating Officer. Before we begin, I'm required to provide the following statement respecting forward-looking information. During the call today, the company will make forward-looking statements that are based on assumptions and therefore subject to risks and uncertainties that could cause actual results to differ materially from those projected. The company undertakes no obligation to undertake these statements except as required by law. You can read about these risks and uncertainties in regulatory filings that were filed earlier today. Also, the commentary today will include adjusted financial measures, which are non-IFRS measures. These should be considered as a supplement to, and not a substitute for, IFRS financial measures. Reconciliations between the two can be found in the company's regulatory documents, which are available on SEDARplus.ca or on our website. In addition, commentary today will include key performance indicators that help elevate the business, measure performance, identify trends affecting the business, formulate business plans, and make strategic decisions. Such key performance indicators may be calculated in a manner different than similar key performance indicators used by other companies. Excuse me. And with that, I'd like to turn the conference over to Paul Sakrzewski. Please go ahead. Thanks very much. Good afternoon, everyone. Thanks for joining us to discuss Copperleaf's 2024 First Quarter Results. I'm excited to provide an update of our performance since our last call and share some of our plans for the future. As is our usual format, I'll make opening remarks before passing it over to Chris to provide a detailed review of the financial results. Following our prepared remarks, we'll open the call to questions. During the Q1, Copperleaf performed well across all of our key metrics. This was highlighted by a 32% year-over-year increase in annual recurring revenue and a 32% growth in our backlog, which reached a record CAD 145.5 million at the end of March. Our robust ARR growth highlights our success expanding our client base and adding to our existing clients, and provides us with visibility for a consistent and predictable growth of our cash flows. I'd remind listeners that as we become a predominantly SaaS company, an increasing percentage of our expected annual revenue is recognized from contracts that are already in place at the beginning of the year. Further to that point, of our Q1 closing backlog of CAD 145.5 million, CAD 79.5 million will be realized within the next 12 months. This gives us confidence in our accelerating revenue growth for the year. Q1 revenue increased 29% year-over-year to CAD 25.8 million. This revenue growth was driven by a 32% growth in subscription revenue, 27% growth in services revenue, and 20% growth in our perpetual and term-based license revenue. Results from the Q1 highlight the benefits of the operating model refresh we implemented in 2023, supported by continuing industry demand for the solutions we provide. Throughout the Q1, we actively expanded our presence in core sectors while gaining momentum in new sectors, creating opportunities for future growth. We reinforced beachheads in established markets by adding to our footprint in transportation and upstream oil and gas, while further globalizing our client base in the water sector. In March, we announced that EDP had selected Copperleaf for asset investment planning for two of its distribution businesses operating in Portugal and Spain. Like many energy companies, EDP must overcome a number of critical business challenges to achieve net zero carbon goals. We believe that the Copperleaf solution will support these two operators to take a proactive approach, not only to decarbonization, but also to embedding best-in-class risk management, and will provide the agility they need to plan for an uncertain future with confidence. As transportation emerges as an important and relatively new sector for Copperleaf, we announced during the quarter that Vancouver International Airport has selected Copperleaf Portfolio to optimize their asset investment planning. By utilizing Copperleaf software, YVR will be better positioned to understand where, when, and what to invest in to appropriately mitigate risk, and most importantly, achieve their ambitious strategic goals in the most resource-effective manner. In Q1, we expanded our growing global energy practice with the addition of European energy infrastructure company Gasunie, a leading energy network company operating in the Netherlands and in northern Germany. Gasunie launched a European public tender in late 2023 for a risk-based asset management software solution, and following a thorough competitive evaluation, Copperleaf's portfolio for risk-based asset management emerged as the most suitable choice to meet the company's requirements. Gasunie joins a growing list of European gas transmission system operators using Copperleaf to make risk-based asset management decisions that maintain the safety of the network, achieve strategic goals, and maximize value. The Copperleaf solution will enable Gasunie to face the energy transition with confidence and ensure the reliability of their network. In addition to new client acquisitions, our client success management team continues to play a crucial role in shaping the client journey and identifying opportunities for material expansion within our installed base to drive even more value for our existing clients. These efforts resulted in expansion in our net revenue retention rate to 113% in Q1. CSMs are a vital part of our business and ensure that we understand the unique needs and goals of our individual clients and proactively address any challenges they may encounter, further reducing risk, enhancing client satisfaction, and driving lifetime value. Our partner ecosystem continued to gain traction in the Q1. Partners played significant roles in wins across all regions and led to increased lead generation, client satisfaction, and accelerated adoption. Our partnerships with SAP and Accenture continued to progress deal maturation and build additional pipeline in Q1. As we announced on our Q4 call, we worked with Accenture to secure the Alliander deal, which, along with Gasunie, are the latest in a growing list of successful joint projects with Accenture. Although it's still relatively early days, we believe our partnership with SAP is on track and showing good momentum. To reiterate previous messaging on this topic, with our traditional enterprise software sales cycles, commercial success in 2024 with SAP would be a strong indicator of the potential of the relationship to accelerate adoption of Copperleaf solutions. Our most recent partnership with Siemens was announced in Q4 of 2023. Under this agreement, Copperleaf and Siemens will integrate technical planning with value-based investment optimization to help utilities make investment decisions that accelerate the modernization of electricity grids to deliver on the increasing demand for decarbonized energy at greater capacity while maintaining reliability. Expansion and improvement of electricity infrastructure is essential to address energy security and fulfill the rising supply needs resulting from the electrification of transport, buildings, and industrial sectors. New clean power, increasingly integrated and modernized grids, and other related infrastructure must be deployed at unprecedented speed and scale to meet these challenges. This problem presents as an ideal application for Copperleaf, and in partnership with Siemens, we're actively working together with some of our mutual clients to develop solutions that combine our value-based decision solutions with market-leading techno analytics. The Copperleaf community was active in Q1, with the continued rollout of our successful and popular Copperleaf AIPM Forum series in Italy, the Netherlands, and Japan. These events again saw strong participation from both existing clients and new prospects. Thought leaders from the gas transmission, electricity transmission and distribution, manufacturing, and rail transportation sectors gathered to discuss best practices, explore innovative use cases, and gain a deeper understanding of how portfolio optimization and value-based decision-making help businesses maximize capital efficiency, manage risks, and achieve strategic goals. At the AIPM Forum in Italy, Snam Rete Gas, whose implementation only really quite recently went live, were eager to share their journey so far and the business value they're enjoying using Copperleaf. Implementing our software has enabled SGI to assess the health status of their assets, practically identify optimum intervention assets, intervention types and dates based on clear value criteria, and then model and monitor how risk may evolve over time. Innovation remains at the core of our business. During Q1, Copperleaf released an updated version of its product suite with numerous new features, including enhanced enterprise reporting functionality that leverages cloud-native services, generative AI, online help functionality, and enhancements to the company's geospatial offering, allowing map-based visualization of asset portfolio hierarchies. Overall, our strong performance in Q1 underscores the effectiveness of our refreshed go-to-market model, which has sharpened our direct sales execution and increased partner engagement. Overall, our results speak to the significant value we provide to our clients and the growing need for the solution that Copperleaf provides. We anticipate continued robust growth in ARR and pipeline development throughout 2024, with our traditional Q4 weighting. These factors, combined with accelerating revenue growth and ongoing disciplined approach to managing costs, position us for significant progress back towards profitability this year. We have a great team, the right investments in place, and we remain focused on prudently managing cash and innovating across our entire business, with the aim of driving execution in the near to medium term.... and at that same time, laying down a sustainable global foundation for future profitable scaling and growth. I'll now turn the call over to Chris to review our financial results in more detail. Thanks, Chris. Thanks, Paul. Good afternoon, everyone. We are pleased to report that our Q1 results continued to deliver growth across all of our key financial metrics. Revenue for the quarter ended March 31, 2024, was CAD 25.8 million, an increase of 29% compared to CAD 20 million in the comparative period, and this growth was driven by the continued addition of new clients and the expansion of existing clients. Our subscription revenue was CAD 14.9 million for the quarter, an increase of 32% from the prior year, representing 58% of Q1 revenue, as compared to 56% of revenue in Q1 2023. Professional services revenue for the Q1 was CAD 8.8 million, an increase of 27% compared to CAD 6.9 million in the prior year. This segment represented 34% of Q1 2024 revenue. Finally, we signed a large perpetual deal in Japan in the Q1 of 2024, bringing our total perpetual revenue for the quarter to CAD 2.1 million, a 20% increase compared to CAD 1.8 million in the prior year, and this segment represented 8% of Q1 2024 revenue. Over time, we expect to see a decrease in perpetual license revenue as a percentage of total revenue as we continue our transition to becoming a SaaS-only company. Annual recurring revenue at March 31, 2024, was CAD 64.6 million, a 32% year-over-year increase compared to CAD 49.1 million at March 31, 2023. Our net revenue retention rate was 113% at the end of the Q1, reflecting expansion within our client base on our strong renewal history. As Paul mentioned, revenue backlog was a record CAD 145.5 million at March 31, 2024, a 32% increase from CAD 110.5 million as at March 31, 2023. Gross profit was CAD 18.9 million, representing a gross margin of 73%, a 38% increase from CAD 13.7 million and a gross margin of 68% in Q1 2023. Gross margin increased due to an increase in subscription, professional services, and perpetual license revenue, and improved utilization of our professional services team, partially offset by an increase in headcount and the cost to support our growing client base. We reported an adjusted EBITDA loss of CAD 3.3 million, compared to an adjusted EBITDA loss of CAD 10 million in the prior year. Net loss for the quarter ended March 31, 2024, was CAD 2.6 million, or a loss of CAD 0.04 per basic and diluted share, compared to a net loss of CAD 11.8 million, or a loss of CAD 0.17 per basic and diluted share in the prior year. The decrease in net loss was primarily due to an increase in revenue and a decrease in headcount when compared to Q1, 2023. We finished the quarter with a strong balance sheet, with CAD 33.5 million in cash and equivalents, and CAD 96 million in short and long-term investments, placing us in a strong financial position to build on our advantage and further penetrate the investment planning and decision analytics market. In conclusion, with a strong balance sheet, a refreshed operating model, improving partner traction, and solid unit economics, Copperleaf is well positioned to drive growth through 2024 and beyond. As we continue to build on our advantage and further penetrate the decision analytics market, we're confident that our focus on operational excellence will drive best-in-class margins and accelerate our path to profitability. That concludes our prepared remarks. I'll now hand the call back over to the operator and open it up for questions. Thank you. Ladies and gentlemen, we now begin the question and answer session. If you'd like to ask a question, please press Star followed by one on your telephone keypad. If you'd like to withdraw your question, please press Star followed by two. If you're using a speakerphone, please lift the handset before pressing any keys. Your first question comes from Gavin Fairweather, or from Cormark. Please go ahead. Oh, hey, good afternoon. Congrats on the results. Maybe we can just start on the upsell. Nice to see the uptick in net dollar retention rate this quarter. Curious what you would attribute that to. Are budget constraints easing a little bit in the client base, or have you made some changes to customer success motions which have led to better execution? Yeah, thanks, Gavin. Look, I think we are probably... I think we're seeing the market conditions as more or less equivalent. I don't think we're seeing, directionally things improving or getting worse one way or the other. I do think that we're getting better at, at executing on, you know, not only bringing in new logos, into the fold, but also working with our clients to identify new opportunities. And that's exactly what this was. You know, we put in place a dedicated CSM team, and they're doing a good job. So, we're starting to see some of that operating model, benefit. Nice to hear. And you referenced, you know, the momentum in the partner selling motions. I think the general expectation, you know, we've spoken in recent quarters, is that that would build kind of later in the year. So curious if you would characterize this as seeing traction maybe earlier than expected? No, I think, you know, we're seeing that evolve as we hoped it would. So all of the ingoing sort of leading indicators are looking positive for us. You know, if we do see something show up early, that would be, that'd be nice. But, you know, we're still in the position where we think that we should start to see actual results show up, I think, at the end of this year and then into next year. Okay, and then, just lastly for me on services, nice acceleration in Q1 after kind of a tougher 2023. Can you just speak to the level of the services backlog, which you have now, and whether kind of this level of billings can generally be, you know, maintained over the course of this year? Yeah, I'll take that one, Gavin. So certainly, you know, as we've discussed, actually at the end of the year, entering the year with a good backlog, and so we were pleased to see that, you know, materialize in revenue in Q1. I guess generally speaking, yeah, I'd say that's probably in the rough order of run rate, what we -- as we could expect, I guess, for the year, recognizing that it does fluctuate period to period. You know, clearly we, you know, often tend to see slowdowns in the summer months, but I think that's a good run rate for the year. Thanks so much. I'll pass the line. Thank you. Your next question comes from Thanos, from BMO Capital Markets. Thanos, please go ahead. Hi, good afternoon. OpEx came in a fair bit lower than we were expecting. Can you provide some color in terms of the OpEx trajectory that we should see going forward through the balance of the year? Yeah, sure. I'll take that one. Hi, Thanos. So d efinitely a tick up on both R&D and G&A coming off Q4, and I think both of those are good run rate numbers for the year, basically. As we've discussed on prior calls, we are, you know, carefully managing our costs. That includes, for us, you know, the majority of our expenses, headcount, and largely aiming to hold those two departments fairly flat for the year. So I would, you know, I would expect those to be decent run rate numbers. On both cost of revenue, so COGS and sales and marketing, again, we've been careful on hiring and will be through the first half, just as we see our deals show up. You know, again, as we've indicated in prior calls, we expect to add capacity for both, you know, billable services, resources, and sales capacity through the back half of the year. So we will see those tick up, through the year, not only for the headcount, but on the cost of goods side, you know, with, with the projects and, and support of a growing customer base, and on the sales side, commissions and related expenses, for that as well. Great. Paul, can you expand on your progress in the transportation vertical? Obviously some good wins there recently, and it sounds like you have a growing pipeline in that sector. So can you give us a bit of an update in terms of the traction you're seeing there? Yeah, some of the things... Thanks. Thanos, s ome of the things we've been able to announce and some obviously remain in background, and some of these have been expansion wins in organizations that we've previously announced. W e saw Houston Metro come through at the end of last year and Copenhagen Metro as well. You know, those installations are now live and starting to be good references for us. And like I said, we signed up YVR. Again, that was a win that we've been able to announce during Q3, Q1, and that is now live. So, you know, as we, as we build the first one, two, three references in each one of the, you know, the flavors in the transportation sector, those start to become good references for us. They come to our conferences, they speak well of us as the, as the system goes live and they start to generate value from them, s o we're starting to enjoy the benefit of that acceleration. One thing I will say is that we as a company, I think, again, just from an execution point of view, we've gotten better at going from the first client that we see in a new sector, packaging that up properly, you know, publishing the lessons, turning that into a reference, and moving into the second, third, and fourth sale more quickly than we had as a traditional business, but y ou know, we're seeing that nice acceleration. The transportation sector is a good sector for us. You know, there's a lot of linear assets in there, you know, the contiguous assets that we have some specialist software around. I t's a very good adjacency, and the problem sets up very well for Copperleaf, so adoption is accelerating. Outside of utilities, would you characterize that as being the sector with the most opportunity, as you look at the pipeline over the next 12 to 18 months? Oh, it's certainly one of our positive sectors. I'd say probably yes, but, you know, oil and gas holds a lot of promise for us as well, s o, you know, it's neck and neck with a couple of other things but yeah, it's definitely one of the ones that we're most excited about. Great. I'll pass the line. Thanks. Thanks, Thanos. Your next question comes from Dylan Becker, from William Blair. Dylan, please go ahead. Hi, guys. It's Faith on for Dylan. Congrats again on the quarter. I guess I want to double-click on the electrification opportunity here. We're seeing a lot of capital flow into the market, so it seems like it's pretty high stakes from a decisioning standpoint. I'm just curious if you could add in some color, what you're hearing from customers about this transition, and if any regions are looking to transition quicker than others, or what this overall opportunity can mean for you guys? Yes, thanks, Faith. We see it as being a big opportunity, and I think it's really only just getting going. You know, electric utilities are a reasonably traditional business. They are used to growing their networks over time and growing their capacity over time. There's a huge inflection point as, you know, transportation electrifies, and indeed, you know, buildings and also manufacturing. E conomic growth is largely predicated on the provision of energy and increasingly, that's down to the power company, s o they have to make the most out of the network that they have, which, you know, sometimes involves non-wire solutions, just being more efficient in the way that they use their networks. The estimates are that they will need to most countries will need to 3x the capacity of their grids, and at the same time, they're trying to decarbonize. All of those implied investments to get from point A, which is the current status quo, to a future 3x capacity decarbonized grid. All of those different implied investments that need to be made are a perfect use case. Those scenarios are a perfect use case for Copperleaf. I think, you know, this is one of the really exciting things. Our relationship with Siemens is very exciting. They model the current grid and the future grid, and we help to close the gap between point A and point B with the most efficient use of investment, s o we're very excited about the energy transition. You know, that for sure is exciting. If I could squeeze another one in quickly. Just, can you provide maybe a little bit color on the overall pipeline? You've talked about record backlog, and the strength you're seeing in water, globalization, transportation, oil and gas. Is there any way you can break out maybe this backlog between the more core markets, any growing contribution from these emerging markets, or how should we think about that? Look, every time we break into a new sector, it opens up a huge amount of new pipeline. Y ou know, we're increasing our sales coverage all the time. We're a little bit careful about bringing on new pipeline. You know, we don't want things just sitting in the pipeline for the sake of it or a pipeline expansion for the sake of it. We need to bring new pipeline in when we've got the resources to execute on it in the geography where it exists. So, you know, the TAM is huge. I mean, we published at the time of the IPO a quite, what we thought was a quite realistic CAD 12 billion TAM. We're still a relatively small company. It's all wide space, so we need to be fairly programmatic about bringing pipeline on b ut the pipeline grows all the time, you know, as we embed our geographic footprint and get more industries in stream. I don't know that it's meaningful to break it out in terms of the pipeline associated with core industries and emerging industries. We are careful about, you know, w ell, our near-term pipeline, just to make it a bit more nuanced, is more heavily weighted towards our core industries, but we're careful about making sure that we've got the future pipeline balanced across those emerging industries so that we can continue to generate rapid growth s o we're being quite planful about what the near-term and the long-term pipeline looks like. Cool. Thanks for the color. That's it for me, guys. Perfect. Thanks. Thanks, Faith. Your next question comes from John Cho from National Bank. John, please go ahead. Yes, thanks for taking my question, and congrats on the strong quarter. Regarding the new verticals such as transportation and upstream oil and gas, once you get in, get into those verticals, how long does it usually take to scale your presence there? Any timeline we may think about? Yeah, that's what I was getting to before. It's hard to say exactly how long that is, but I think that directionally we're getting faster at going from the first reference that we bring into a new vertical and the second and third. T hat is because we have dedicated resources and a process associated with it. We have our global growth team. Part of the global growth team is an industries team. They are largely responsible for breaking us into new industries and then packaging up the way we broke into those new industries and packaging up the stories into good reference cases that we can use to, you know, execute on the rest of the pipeline that comes behind those first one and two references, s o thankfully and directionally, we're getting better and faster at it. That's what I would say, and I think that it'll continue to accelerate. Okay, thanks for the colors. The PS revenue is quite strong this quarter. When I think about the relationship between PS and SS, so how much is the PS revenue a leading indicator for the rest of the business? I'd say I don't.. I'm not sure that it would necessarily be a leading indicator. Basically, you know, the vast majority of our professional services are implementation services, and effectively, you know, our contracts start generating revenues on day 1 of the license transfer s o I don't know how much you can necessarily read into that as much as, you know, looking at the backlog at the end of the year and just the next 12 months, looking at it that way. Okay, got it. I'll pass the line. Thanks, John. Your next question comes from Paul Treiber from RBC Capital Markets. Paul, please go ahead. Yeah, thanks very much, and good afternoon. Just when, when you look at ARR growth, obviously quite strong this quarter. Net new ARR, I think, is the second highest level in the last three years or so. So, very good momentum, coming off a strong quarter last quarter. Was there anything unusual about this quarter that maybe helped, that may not continue, or does it just reflect the strength in the overall business coming through this quarter? Yeah, thanks, Paul. I mean, I couldn't point to any specific thing tha t necessarily made this quarter anomalous. I think, you know, we are getting better at executing on the opportunity in front of us. We're well organized. We've got the resources that we need to maintain sustained attention on all of those accounts. We've been careful about, focusing on executing pipeline, you know, just making sure that we have enough pipeline, but it's at the right quality and it's progressing with the right velocity, that things can become a little bit more predictable but I wouldn't point to any macroeconomic factor or any one deal or anything like that would make Q1 anomalous. You called out, like, the operating model refresh as, you know, you're seeing the returns on that. ARR growth has accelerated. When you look at the operating model refresh, you know, can you point to the biggest factors that are really driving the improved, either conversion of pipeline or just the ability to close deals here? No, I don't think it's. I think that's actually the key to it, Paul. It's not any one thing. It's the whole model working in concert and just making sure that you're focused on the right things, and you've got dedicated resources focused on those, you know, highest value things to do a nd make sure that everything works in concert. I really couldn't call out any one particular thing. I think, you know, aside from the operating model refresh, I think part of it is tenure as well. You know, we've got people now who have been in place for some time. We've been able to get out and have some face-to-face meetings with them. We're face-to-face with clients again. So, you know, some of that is just naturally going to accelerate things b ut I think the field team is doing well, and they're clear about what they're doing, and their pipeline is high quality, and the velocity is good. I think the global growth office is doing a good job. Value engineering is clearly having an impact. Industry specialists are having an impact. I think we're getting good at positioning our products. The partner network is working well. I think, you know, again, just going back to the operating model, for those who've been following closely, we formalized the global field services organization last year. In the beginning of the year, we executed this year, instead of a sales kickoff meeting, we had a field kickoff meeting where we brought the entire field, including professional services, into Vancouver and got everybody together, so that we're talking together about how we seamlessly go from, you know, discovery of new opportunities through the sales process, straight into execution and then into future phases. So that end-to-end process, I think, is improving as well, so y ou know, I think it's a suite of different things. I'd hate to point to any one specific thing and say that's the solution. That's helpful. Good to hear. Just lastly for me, you know, it does sound like there's more confidence on the path to profitability this year. How do we think about that? Like, is it greater confidence on the revenue line, you know, driving, you know, operating leverage? Or are you seeing more visibility to cost in the near term? Yeah, look, it's always a combination of both b ut when you say we're... I t feels a bit funny to me to hear you say that we're more confident in our path back to, towards profitability. We've always been confident in getting back to profitability. You know, it's easy to forget that prior to the IPO, we grew 50% CAGR off our balance sheet for nearly a decade. You know, at break even or slightly one side or the other of it. So our unit economics of our deals are still what they were in those days. We invested ahead of the curve to grow some capacity and put in place our global footprint. We knew we were gonna run some losses in a couple of years, and we forecast that, and now we're on our way back to profitability, riding those good deal economics back to back to where we always used to live. W e've always been confident in getting there. It's just a matter of timing. You know, macroeconomic conditions probably pushed us back just a little bit, but in the end, it's always a top and bottom. It's growing the revenue, containing the costs, a nd you know, I mean, let's remember that we're a growth business. We're not going to save our way to success here. We've got a huge TAM in front of us, and and we should be growing at good rates and that's what leads us to profitability. Thanks for taking the questions. Thanks, sir. Your next question comes from Todd Coupland from CIBC. Todd, please go ahead. Great. Thanks. Good evening, everyone. I had a couple questions. The first one, following on the electrical grid question. There's been a lot of discussion in the US about not having the capacity to support hyperscaler growth and generative AI demands, and what are the utilities going to do about that? Is that impacting your, your pipeline and business and possibilities in that market? Just, just talk about that a little bit. Yeah, I'm sure. Hi, Todd. I'm sure it is, b ut it's just part of the overall demand situation that's placing such pressure on the electric grids. You know, and it's a double flip with a twist, right? They have to maintain their reliability. Nobody wants the lights to go out. They have to 3 or 4x, in some cases, their capacity, and they have to decarbonize all at the same time, and in a rapid period, s o, you know, some of the increased demand is definitely coming out of those data centers. Generative AI is, you know, has a huge requirement for electric energy, but it's just one of the things, you know, the electrification of transport. You know, when that gets to road transportation, in terms of transportation of goods and trucking, that will put another element on top of that, in on top of the general sort of passenger transport electrification a nd you know, it's worth remembering that downstream of that, once battery energy density gets to the right level, we'll be seeing aviation take the same path. So this is a path that will not slow down. It's just gonna accelerate. Y ou know, the requirements around generative AI and data centers and hyperscalers is just a part of it. Yeah, I get that. I understand it. It's, you know, one of the levers. Do you see any existing customers respond to it in the short term? Meaning, you know, in the US could this yield, you know, uptick? Is it significant enough to where it could yield upticks in your net dollar retention, or is it a longer issue? Yeah, we definitely... I'm not sure it's an NRR thing. I think it's across the installed base, but also, you know, it's very, very difficult for electric utilities to map out with the constrained resources they've got, whether that be financial or, you know, the supply of the materials and componentry and the network. Whatever their capacity is, it's very difficult for them to navigate their way through all of those different choices and permutations to play their cards in the right order within the constrained resources that they have, without software support. T he ones that have our software are using it for more and more use cases. The ones that don't have it almost have to adopt something like Copperleaf or, you know, either Copperleaf or something like us in order to navigate this transition a nd that is just accelerating. That's great. Appreciate that color. I forget which customer this was, but you referenced it in your prepared remarks, where you went through a rigorous vendor selection process. Yep. Is there a way for you to call out, like, who else you're seeing in the market and why you got selected? It's- we're still largely- so when it's vendor assessment, some of these clients will cast a broad net, and we see unusual people come in, and they're interested in the RFP response. Sometimes it's tools that someone has built, and they're using that to support a consulting approach. Sometimes it's a combination of a couple of different things b ut largely what we still replace at the client is Excel. We're not seeing really competitive head-to-head competition yet. I t's really hard to identify one specific competitor that's showing up consistently in all of these bids across all of the, the global footprint that we occupy, and say, you know, that's competition. It relies a little bit on what the RFP looks like and what the functional specs look like. You know, it depends a little bit on those who shows up, b ut it could be a combination of, you know, one of the ERP companies plus one of the consulting companies a nd it's very dependent on which country the RFP comes out in. You know, a lot of the people that are approaching these RFPs are local, either local vendors or they're local consulting companies s o it's hard to see a concerted sort of opposition to us globally, in the way that we approach the market. Do you feel, just on that point, your global sales effort partners, is that unique in the market? I'd say so. You know, I mean, we're first mover, we're best in class. I think it's reasonable to say in the space as we define it. You know, we are absolutely humble in that and our heads on a swivel, looking around for competition all the time and seeing whether we can see patterns in the type of competition that show up in these RFPs b ut we're just not seeing anybody with the consistency and the global footprint that we have in our space. Thanks for that color. I had a couple of financial questions, s o, you know, if I look at the revenue in the quarter, you know, subscription revenue was, you know, in line with FactSet, a little bit stronger, and then professional services and perpetual was a lot stronger than expected. Y ou know, I heard the answer before on professional services, so that's going to ebb and flow, but this is a good run rate, b ut that perpetual line was quite a bit higher than I think what's in FactSet. Can you just comment on whether that is repeatable, or is that just going to land when it lands? Yeah. Hey, Todd, this is Chris. Hi, Chris. Yeah, far from repeatable. As you know, that's been the bane of our existence, and that's, you know, one of the big pushes for moving toward a, you know, becoming a SaaS-only company s o that was a pull forward, basically, of a large, you know, large client in Japan a nd as we've said in the past, those are very, very difficult to predict, and we wouldn't, we don't foresee any more of those in the pipeline. Great. Appreciate that color. Thanks a lot, guys. Thank you. Ladies and gentlemen, as a reminder, if you'd like to ask a question, please press Star followed by one. Okay, and I see we have no further questions. Paul, I'll turn it back to you for closing remarks. Yeah, I will just close by thanking everybody for joining us today. You know, we look forward to reporting on our progress as we execute on the priorities that we outlined. It will be great to see everybody when we come back to report on our Q2 financial results. Thank you very much, everyone. Ladies and gentlemen, this concludes your conference call for today. We thank you for participating.